The Myanmar Investment Commission (MIC) has approved a $2.8bn investment for new projects in the country, including $2.5bn for the construction of a liquefied natural gas (LNG) power plant.
MIC announced the investment at a meeting chaired by State Administration Council member and MIC chairman, Lieutenant–General Moe Myint Tun, along with other members of MIC.
MIC’s investment is expected to create 2,473 jobs in the region.
The electricity generated by the LNG plant will be completely sold in the domestic market. The project will support the country’s goal to supply fully nationwide electricity from the national grid by 2030.
In addition to 15 electricity generation projects, MIC has approved other projects in livestock, manufacturing and other services sectors.
It also said that by the end of last month, out of 51 countries investing in the country, Singapore, China and Thailand emerged as major investors.
Out of 12 business sectors in Myanmar, MIC said that the electric power sector received majority of the investments, with 26.57%.
This was followed by the oil and gas and manufacturing sectors, which accounted for 25.72% and 14.61% respectively.
Last July, a consortium of Marubeni, Sumitomo, Mitsui and Eden Group received a notice to proceed with an LNG power plant in Myanmar.
Myanmar’s Ministry of Electricity and Energy issued the notice for an LNG project in Thilawa, thereby granting exclusive rights to the four companies’ joint venture.
The notice covered development, operation and ownership rights for the 1,250MW LNG-fuelled thermal power plant and onshore LNG receiving, storage and regasification facility.